Nissan is going to cut 12,000 jobs in Japan , and about 8,000 other jobs worldwide.

Nissan Motor needed to shed some excess weight. About 8.5% of its entire work force, 20,000 jobs, will be cut worldwide after the automaker on Monday forecast a net loss of 265.0 billion yen ($2.9 billion) for the current fiscal year.

The cutting of the jobs will save Nissan about $2.0 billion dollars in 2009.

Nissan sold 731,000 vehicles worldwide in the quarter ending December, down 18.6% from the comparable period a year earlier.

Shares of Nissan Motor dropped by 16 yen (18 cents), or 5.8%, to a 52-week low at 261.00 yen ($2.85), following the loss warning.